FHA Loans: Low Down Payments, Easy Qualifying
Looking for a way to save money on your San Jose home? San Jose may be an incredible place to live, but it can be a very expensive one too, and nowhere is that more obvious than in the housing market. If you’re searching for a competitive, low down payment, government-guaranteed program, this is it.
What is an FHA loan? This is a special type of mortgage which is insured by the Federal Housing Administration, an agency that operates as part of the U.S. Department of Housing and Urban Development (HUD). FHA loans protect San Jose mortgage lenders dealing with customers who are deemed risky. That way lenders are more willing to work with those customers instead of leaving them out in the cold.
What are the benefits of a San Jose FHA loan?
- Low down payments
- Easy to qualify for, even without great credit (your score needs to be above 500).
- Low closing costs
Who qualifies for San Jose FHA loans?
- First-time home buyers. First-time buyers are traditionally seen as risky investments by San Jose lenders, but with the FHA backing you up, you have a chance to purchase your dream home. If you qualify, your down payment could be as low as 3.5% of the total price of the home.
- Seniors looking for a reverse mortgage. If you are 62 or older and currently live in a home that you own outright or are close to owning outright, you may qualify for an FHA reverse mortgage. This allows you to convert some of your home equity back into cash to pay your other bills.
- Home owners looking to make improvements. If you have plans to improve the energy efficiency of your home, you may qualify for an FHA Energy-Efficient Mortgage.
Shawn Sidhu works with the top FHA lenders in San Jose and across the county, and can help you to get started with an awesome FHA loan. While HUD loans like these can be very helpful, they can also be confusing. Let us review the FHA option for you and discover how you can qualify with less cash to close along with very competitive rates.
Ready to get started? You can contact us at (408) 599-3628, or email us at [email protected]. Reach out to us anytime with questions, or ask us for a free quote. We are here to help. We want your home purchase or renovations to go as smoothly as possible. Customer service is our top priority, and we enjoy building long-term relationships with our clients. We look forward to assisting you!